CBG hosts 44th Assembly of Governors

Aug 3, 2022, 11:13 AM | Article By: Adama Tine

The Central Bank of The Gambia, being a member of the Association of Africa Central Banks (AACB), over the weekend began the 44th Ordinary Meeting of the Assembly of Governors at the Sir Dawda Kairaba Jawara International Conference Centre.

The ongoing convergence under the theme: Digital Innovation and Future of the Financial Sector: opportunities and challenges of the Central Bank digital currencies is expected to host forty-one (41) African Central Banks Governors including heads of financial and monetary institutions.

In an interview with this medium, the director of banking and payment systems, Central Bank of The Gambia (CBG) Karamo Jawara said the event is the first of its kind in the country.

Mr. Jawara added that AACB has designed a set of convergence criteria that each member country must fulfill before it can partake in the deliberations.

However, he disclosed that so far all member countries have qualified to partake in the convergence except two countries though participating, are yet to fulfill all the criteria.

Additionally, he said AACB is divided into five regions and each region has its own chairman and vice chairman, while pointing out that the Democratic Republic of Congo is the current chair of the AACB with The Gambia as the deputy. Moreover, he announced that other criteria that would be looked into include Central Bank financing to government and financial stability issues in the Banking Sector among others.

“For African countries to be operating at the inflation level, the convergence will take into account the countries that are operating on fixed exchange rates and those on floating exchange rates.”

Ebrima Wadda, director of Research Central Bank of The Gambia (CBG), said the country is well prepared to host the convergence, adding that all the necessary committees and the necessary arrangements have been put in place with the view to making the event one of its kind.

Mr. Wadda added that the event would be preceded by a symposium that will look into digital innovation and crypto currencies, as there is no dispute on the importance of digital innovation.